Binance is Becoming a Crypto Monopoly

[EastSound]

There are tons of exchanges to choose from and there are upcoming new ones being developed. I really dont think that Binance would be still a power-house in the coming years. Times are changing fast in crypto and i really do think there are exchanges that want to rival Binance.

Also there are other tokens/coins not listed in Binance but its already being traded in other big exchanges.

[TheWalkingCoin]

Binance will become more monopoly exchange market because many investor have much money always stay there, many altcoin kinds have profitable for the future in binance and make many investor glad for keep stay with binance.

[Alpha0One1]

There are too many exchanges out there and surely those reputable ones will be left standing.
Ease of use of DEX will allow more people to use it. As it is right now, ED and FD are not user friendly at this time.

[masterrex]

It's quite dangerous for a centralized exchange to monopolize crypto, from owning bandges to bullets; they want everything to come in contact with their ecosystem before crypto's actually see true success. But, Binance's recent movements is having the inverse effect, they are becoming a truly a dangerous threat to crypto entirely, this is in my opinion and sentiments.

Imagine Binance dictating which cryptos see success and which others fail, that's the direction we're headed in, or how they want us to perceive what Binance actually means. They've done a lot of good for crypto as a whole since they were founded, but CZ is trying to expand and monopolize everything, for: power, money and what's probably most important to him, his fame.

I suggest the community start being critical about these power-house exchanges, especially Bianance since they are the largest by a mile (discounting all fake-exchanges). IEOs are a small indicator towards the centralization of power, giving the big guys the authority to dictate which coins you should be investing in. Crypto was not founded by someone telling you which coins you should invest or not invest in, it's always been a cycle of growth and maturing.

There are ultimately many repercussions that will be seen, for what's occurring right now. They will not been seen in the short-term, but will have lasting implications for crypto as a whole.


Binance is beginning to look a lot like MT. Gox, but for a whole new era.


Edit: For more detailed explanation https://bitcointalk.org/index.php?topic=5135400.msg50745817#msg50745817

I cant see it as a sign of monopoly, how come it be possible to monopolized the entire crypto industry when most of it are open source like softwares, devs are scattered around the globe, the fact is there was a "hundreds or thousands of cryptocurrency exchange competing each other in the world" the best of the best services will win, thats the truth why Binance was really successful. "Binance CEO CZ has nothing to do why Binance was choosen most of the users and traders its because of its great services and the users experience was mean a lot nothing more nothing less, Delisting BSV is just a personal choice of the company since its a private owned so no one can question it. It think its just like a sourgraping that trigger of this unfounded, unsupported with reality and facts! im using Binance, Bittrex, and Okex and dont see any monopoly so far.

[Alpinat]

If binance exchange will start IEO for sure there will be a lot investors that will invest in their exchange but this is not their purpose right. They are not investment they are the promoters of bitcoin and cryptocurrency. I think binance is a good exchange and has a good coin and there will be a lot improvement for that.

[teddyelwyn]

I agree with a majority of the responses here that it was a community effort to delist BSV and not just one person calling the shots. I realize that there might be some pull back from people due to their recent announcements for compliance with companies such as Ciphertrace but I think ultimately they are looking out for everyone in the case of any large scams or money laundering even as far as any threats from terrorists

[Kasabus]

If binance exchange will start IEO for sure there will be a lot investors that will invest in their exchange but this is not their purpose right. They are not investment they are the promoters of bitcoin and cryptocurrency. I think binance is a good exchange and has a good coin and there will be a lot improvement for that.

AFAIK, they are the leading exchange in IEO, more investors are trusting them over other exchanges and that's th reason why BNB token had an ATH this month.

[MikeyVeez]

I am waiting for their Binance DEX, how decentralized it would be in the future because I do not understand how such big company with big power could create something what is decentralized? And who will really believe that it is decentralized?

[sidoroffalex]

I am waiting for their Binance DEX, how decentralized it would be in the future because I do not understand how such big company with big power could create something what is decentralized? And who will really believe that it is decentralized?

It will not be decentrilized, your assets will be under their control. Binance team is very cool and they have excellent specilists, this platform distinguished hights and traders can earn money there. But decentralization and the philosophy of satoshi don't go keep pace with Binance ideas and vision.

[Osaremien]

Well they have set a standard for all exchanges and until other exchanges begin to think outside the box,I fear the monopoly will span out for a very long time

[watergold]

I am not sure it will happen, but I am just surprised about the difficult rules of buying coins during the iEO period at binance. When there are many projects that are difficult to find investors, they sell IEO coins randomly like lottrey.

[GregH37]

I don't disagree with you on this point, but if you're trying to point out how CZ called for the delisting of bsv few days back and how other top exchanges followed his footstep.. i support cz for making such decision 100%

I think this has become a scandal from a binance exchange place and it has become very natural if a very large binary exchange place has a lot of slander circulating in various kinds of media.

Who cares about the scandal, what Craig wright did was a wrong thing and Binance was simply protecting its users against junk like him. So, I would not blame Binance for doing that and if that is the reason why they are saying Binance is being monopolistic, then they deserve to be.

Binance is doing great and their effective and good part over shadows their weak point, I am not even seeing any weak point in Binance, all I see is a system created that is putting smile and peace in the face and mind of people, and that is more than enough for what anyone would say about them out there.

[mrdeposit]

Binance is very big, and wants to have a monopoly. I don't blame them for that. It is up to us to accept it or to fight it. We are the most important thing: users. They are nothing without us. Even Binance!!

It is obvious that without customers none of the businesses will run. Binance should accept the reality about the decentralization and they should finish their job on the new DEX.

[Bezobraznike]

Well they have set a standard for all exchanges and until other exchanges begin to think outside the box,I fear the monopoly will span out for a very long time

   You have the best comment among all. Without criticizing, without exaggeration. They set some standard cause they did a lot in very
short time. They are maintaining that high level with their activity.
   They already have a big share of the market. I doubt they will have entire market under Binance logo, many other exchanges are good
too, or to say great. In this big world there is a place for all of exchanges, we need even more.

[Cult]

There are tons of exchanges to choose from and there are upcoming new ones being developed. I really dont think that Binance would be still a power-house in the coming years. Times are changing fast in crypto and i really do think there are exchanges that want to rival Binance.

Also there are other tokens/coins not listed in Binance but its already being traded in other big exchanges.

there are no complaints against the Binans exchange, they agree to take the initiative, set the tone for the whole world of crypto, I consider it a good sign, the other exchanges will have to compete fiercely, and competition will produce the best product, thus the world of crypto will develop, only for the better.

[sidoroffalex]

I am not sure it will happen, but I am just surprised about the difficult rules of buying coins during the iEO period at binance. When there are many projects that are difficult to find investors, they sell IEO coins randomly like lottrey.

Every project wants to be listed on Binance. Theteam of this platform very genious, on such bearish market the show xxxxxx. Respect

[futile-resistance]

There are tons of exchanges to choose from and there are upcoming new ones being developed. I really dont think that Binance would be still a power-house in the coming years. Times are changing fast in crypto and i really do think there are exchanges that want to rival Binance.

Also there are other tokens/coins not listed in Binance but its already being traded in other big exchanges.

The question is, what does those upcoming exchanges have to offer, you need to look back and see where Binance has been coming from, Binance was barely launched like 2 years agar and it has achieved this far with few of their ideas that they have executed, remember that they met so many great exchanges on ground before they acne to top them all.

If they continue to come up with the strategies they have been coming up with, which I believe that the teams are too hard working to run or of idea, they will continue to be top of them all, How many exchange have come out after Binance and yet they have not gotten any volume?

[Impaler]

Yes I also think that binance will be the monopoly for this whole market. At this moment binance is one of the greatest exchange in this ecosystem. But the problem is it is run by centralised force. So for a centralised exchange it is good to be one man army but it's not that much good for the whole ecosystem. Whatever binance do is a trending or most of the exchange follow that. Most of the time they took great dicision for this crypto word but what if they took one small bad dicision and most of the medium or small exchange follow that. I know that binance is one of the trusted exchange that's why this whole thing is going. But at this moment they are good and the team is working hard to make it perfect.

[suzanne5223]

There are tons of exchanges to choose from and there are upcoming new ones being developed. I really dont think that Binance would be still a power-house in the coming years. Times are changing fast in crypto and i really do think there are exchanges that want to rival Binance.

Also there are other tokens/coins not listed in Binance but its already being traded in other big exchanges.

The question is, what does those upcoming exchanges have to offer, you need to look back and see where Binance has been coming from, Binance was barely launched like 2 years agar and it has achieved this far with few of their ideas that they have executed, remember that they met so many great exchanges on ground before they acne to top them all.

If they continue to come up with the strategies they have been coming up with, which I believe that the teams are too hard working to run or of idea, they will continue to be top of them all, How many exchange have come out after Binance and yet they have not gotten any volume?

Although, we have a lot of new exchange site which have nothing to give to the crypto market or sphere but  we must not underestimate some new exchange site either because some are totally different and know what they are doing.
Concern Binance, the one reason why binance was successful exchange was because they cooked an outstanding strategy to gain the Asian market right before the last ATH.

[acheampong64]

I disagree because it is not only binary that is currently holding the IEO, so I feel that worry is excessive.

Lol...but do you know that Binance was a main starter of IEOs and you should understand the OP in the sense that, Binance has over 500K to about 1M+ active real users and so they can consciously or subconsciously influence your choice as a crypto man if only you're there.

In as much as I agree with your submission , I also think that it's other Cryptocurrency exchanges that are giving binance the stage to be acting out it's monopolistic tendencies.

That's it..they say in the land of the blind, a one-eyed man is the king. If other exchanges aren't ready ti put something challenging and competitive, Binance will reign for more time and exhibit "unnecessary" monopoly indeed.

Anyway i believe CZ is playing some "catch me if you can" tricks with both crypto community and regulators and it's risky as OP said. We all however should be vigilante and be careful... CZ is a businessman and he's doing his business in anyway he can. We as customers however have to be very careful